President Joe Biden is reportedly planning to propose a new tax on American businesses which will have a devastating impact on America’s competitiveness.
The Biden plan would increase the corporate tax rate – to a level higher than the Chinese Communist Party taxes American businesses.
The increase would be included as part of Biden’s 2.25 trillion dollar package that aims to increase the corporate tax rate from 21 percent to 28 percent, outdoing Communist China’s corporate tax rate of 25 percent, just after former President Trump lowered the tax from 35 percent to the current 21 percent.
According to the Washington Post, “The proposal would also increase the “global minimum tax paid from about 13 percent to 21 percent, as well as other measures aimed at taxing corporations that shelter profits offshore to avoid taxes.”
The radical proposal has already sparked backlash from both sides of the aisle.
Socialist Democrat Alexandria Ocasio-Cortez is pushing for an even larger package, tweeting Wednesday Biden’s effort is lacking urgency. “This is not nearly enough,” she said. “Needs to be way bigger.”
AOC also said Wednesday on MSNBC’s “The Rachel Maddow Show” that President Joe Biden’s $2 trillion infrastructure plan over eight years is not big or fast enough.
Ocasio-Cortez said, “I think that the vision that President Biden and the administration has laid out, you’re right, has surprised a lot of us in a positive way, and in the detail and the thought that’s here, the scope of it is really encouraging except I think the how that $2.2 trillion, $2.25 trillion over eight years, I have serious concerns that it’s not enough to realize the very inspiring vision that Biden has advanced. So I believe that those of us here, especially as progressives within the Democratic Party — we know that there is so much more opportunity here. In order for us to realize this inspiring vision, we need to go way higher. That’s what’s going to help us actually deliver on this really promising and inspiring vision the president laid out today.”
She continued, “I think that we need to really have some shorter timelines, some urgency, greater urgency in this package, and I think some of the investments need to be greater.”
She added, “…. we’re talking about realistically $10 trillion over ten years. And I know that may be an eye-popping figure for some people.”
The top Republican on the House Ways and Means Committee, Rep. Kevin Brady also condemned the plan due to the United States remaining in an economic crisis. “No president has ever raised business taxes to recover from an economic crisis. This couldn’t come at a worse time,” he said.
Republican Ann Wagner agreed. “Why, as this country begins to reopen and recover economically, would the Biden administration be proposing tax policy which would, in the end, hurt the American family and millions of struggling small businesses?”
Senate Minority Leader Mitch McConnell said on March 16 that Republicans would not support tax increases to pay for infrastructure. “I don’t think there’s going to be any enthusiasm on our side for a tax increase,” he said.
Breitbart News reported the bill also “includes $300 billion for housing, $400 billion for elderly and disabled care, and $300 billion to revive manufacturing in the United States.”
Additional expenditures incorporate high-speed broadband internet upgrades, electric grid modifications, and water systems maintenance. The proposal will also involve “nearly $400 billion in ‘clean-energy credits’ to promote ‘green’ energy such as wind and solar.”
Author: Todd Hoffman